Foreign Currency Reforms Now Fully Achieved: RBZ

The Reserve Bank of Zimbabwe (RBZ) said foreign currency reforms, which started with the separation of accounts in October 2018 and the re-introduction of the local currency in June 2019, have now been fully achieved.

The apex bank also said that the foreign currency market is stabilising following the currency reforms which were set in motion in October 2018.

In its mid-term Monetary Policy Statement, the RBZ said that the introduction of the local currency and the fine-tuning of the interbank market resulted in increased foreign currency trading in the formal system. The statement read in part:

The introduction of the Zimbabwean dollar together with the fine-tuning of the interbank market resulted in increased foreign currency trading in the formal system and narrowing of the premiums between the interbank market and parallel market foreign currency rates.